Citigroup sells consumer bank in Philippines to Unionbank

UnionBank-Bridges-the-Gap-for-Unbanked-Filipinos-through-Cash-out-via-11000-Remittance-Outlets-Nationwide

MANILA, Dec 25 (Reuters): Citigroup Inc has announced this week that it is selling its consumer-banking business in the Philippines to UnionBank in the third of 13 planned exits from Asia franchises.

Citigroup said the Philippines transaction will increase its tangible common equity by about US$500 million of the total US$7 billion increase it expects to eventually come from the Asia divestiture plan it announced in April.